Murchison Metals Limited Response To Media Articles Regarding Oakajee Port And Rail Investment
14.06.2011 | ABN Newswire
09:33 AEST June 14, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Murchison Metals Limited (ASX: MMX) (PINK: MUMTF) notes weekend media reports in the Australian press referring to the potential divestment of all or some of Murchison's 25% direct interest in Oakajee Port & Rail ('OPR').
As Murchison stated in its Projects Summary released to the ASX on 11 May 2011, the Company is evaluating a wide range of potential funding options with respect to its funding obligations for OPR and Crosslands Resources' Jack Hills Expansion Project.
As also stated in that release, Murchison's strategic interests in the OPR and Crosslands businesses provide the Company with significant flexibility to structure any such funding arrangements.
The divestment of all or some of the Company's direct stake in OPR is one of several potential options open to Murchison to assist in funding its share of the Oakajee infrastructure project and the Jack Hills Expansion Project.
About Murchison Metals Limited:
Murchison Metals Limited is an Australian ASX listed company. Murchison is included in the S&P/ASX 200 Index.
Murchison is a 50% shareholder in Crosslands Resources Ltd which is the owner of the Jack Hills iron ore project located in the mid-west region of Western Australia. The remaining 50% of Crosslands is held by Mitsubishi Development Pty Ltd ('Mitsubishi'), a subsidiary of Mitsubishi Corporation, Japan's largest general trading company.
Murchison also has a 50% economic interest in an independent infrastructure business, Oakajee Port and Rail ('OPR'). OPR was established to construct new port and rail infrastructure to provide logistics services to miners (including Crosslands) and other potential customers in the mid-west region of WA.
The remaining 50% economic interest in OPR is held by Mitsubishi.
In addition to its investments in Crosslands and OPR, Murchison owns the Rocklea iron ore project located in the Pilbara region of Western Australia.
Contact:
Paul Kopejtka
Executive Chairman
Murchison Metals Ltd
Tel: +61-8-9492-2600
John Phaceas
Manager External Relations
Murchison Metals
Tel: +61-8-9492-2600
Mob: +61-411-449-621
Email: info@mml.net.au
http://www.mml.net.au